London – July 5th, 2016, new research by Explain the Market & MoneyFarm has revealed a huge opportunity for fintech companies in the wake of Brexit. According to the research, 11 million Brits are now seeking advice with savings and investments in the next 12 months.
Moreover, the research revealed vital insights into how the public really feels about the state of financial advice in the UK today – their expectations have changed dramatically.
WHEN IT COMES TO FINANCIAL ADVICE THE UK PUBLIC VALUE TRUST, COMMUNICATION & LISTENING SKILLS ABOVE PRODUCT CHOICE.
Most people demand a ‘trustworthy service’ (78%) with ‘honest & clear communication’ (73% overall and 80% of under 25-year-olds) while ‘fair charging’ is also viewed as important.
Surprisingly, a sizable majority (67%) do not feel that it is important to have a choice of different financial products or funds (consistent across all ages and wealth groups). But over half of us (53%) do regard ‘good listening skills’ as critical.
3 MILLION BRITS NOW EXPECT FINANCIAL ADVICE APPS THAT CAN MOVE MONEY NOT JUST SHOW CHARTS.
Mainstream mobile apps and online illustrations are no longer enough for advice-hungry Brits. UK savers and investors are demanding ‘full-service apps’ that allow users to actually invest and withdraw money. Over 3 million people (28% of all those looking for savings and investment advice) now expect financial advice brands to provide mobile apps that allow us to invest & withdraw money.
APPETITE FOR ‘APPVICE’ ACROSS ALL AGES
Demand for app-based advice is greatest with people under 45 but 17% of all people 65+ also expect financial advice firms to provide secure ‘full service’ mobile apps.
WEST-MIDLANDS HAS HIGHEST DEMAND FOR FINANCIAL ‘APPVICE’
Demand for these ‘full-service apps’ is highest in the West Midlands (36%) – even higher than in London.
Guy Shone, ExplaintheMarket CEO comments “For years we’ve been told what the regulator wants & what the industry wants. This research reveals what the public wants and how people believe UK financial advice needs to change. People now expect Apps that move money. Brits rate communication skills as much more important than product choice”
Paolo Galvani, Chairman and Co-founder at MoneyFarm says “We launched earlier this year with the UK’s first full-service investment app. We believe wealth management is a right, not a luxury, so everything we do is aimed at enabling people to take greater control of their investments in a simple and efficient way. As reliance on mobile devices grows, UK investors want the functionality to manage their investment portfolios “on the go”. This survey has shown that investors are increasingly valuing convenience.”
In a bid to help address some of the shortfalls in knowledge that many Brits have when it comes to FinTech, MoneyFarm has also called on 24 of the UK’s leading FinTech experts to share their insights and hottest tips.
The results of which have been compiled into the ‘FinTech Bible’, an informative yet accessible e-book which is available to download from the MoneyFarm website at http://blog.moneyfarm.com/en/fintech-bible/.
Source: Press Release by MoneyFarm